General Motors to cut 14,700 jobs, 5 things to know

General Motors officials have announced it is going to cut 14,700 jobs and could possibly close up to five factories, The Associated Press is reporting.

Here are five things you need to know about the layoffs.

1. The jobs targeted will be both factory and white-collar positions in North America. The cuts include 8,100 white-collar workers. Some will take buyouts, others will be laid off. About 6,000 factory workers could also be affected in both the U.S. and Canada. Some may be able to transfer to truck plants, the AP reported.

2. Officials with the company said up to five plants could close during the restructuring as the company cuts costs and focuses on autonomous and electric vehicles, the AP reported.

3. The factories potentially affected build cars that won't be sold in the U.S. after 2019. They could either close or be used to build different vehicles and include plants in Detroit; Lordstown, Ohio; and Oshawa, Ontario. Two transmission plants in Warren, Michigan, and Baltimore could also be closed or reallocated.

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Lordstown makes the Chevrolet Cruze, according to The New York Times. The Detroit plant is in Hamtramck and produces the Chevrolet Volt, Buick LaCrosse and Cadillac CT6. The Oshawa, Ontario, plant makes the Chevrolet Impala. The plants will stop production on the models, which will not be available after next year, the Times reported.

4. GM offered 18,000 white-collar workers buyouts earlier this year. Company officials did not announce how many accepted the offer.

5. GM Chairman and CEO Mary Barra said, "GM wants to stay in front of changing market conditions and customer preferences for its long-term success," The Detroit Free Press reported. Barra added, "What we're doing is transforming this company. This industry is changing very rapidly when you look at propulsion, autonomous driving and ride-sharing. We want to be in front of it while the company is strong and the economy is strong."

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